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SC seeks public feedback on proposed ICO, Property crowdfunding framework

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KUALA LUMPUR: The Securities Commission Malaysia (SC) has released two consultation papers seeking public feedback on the proposed regulatory framework for Initial Coin Offering (ICO) and property crowdfunding.

The ICO is an alternative fundraising avenue that leverages on distributed ledger technology, including blockchain, involving the issuance of digital tokens by an issuer wanting to raise funds for a project or venture.

“The consultation paper on the ICO discusses the proposed framework for, among others, the eligibility of issuers, the need for transparent and adequate disclosures, as well as utilisation of proceeds of the ICO,“ the SC said in a statement today.

Meanwhile, the consultation paper on property crowdfunding framework follows on from the 2019 Budget, which identified crowdfunding platforms as an avenue to provide an alternative funding source for first-time house buyers, while providing investors access to a new asset class.

The SC is seeking public feedback on the proposed regulatory framework which will, among others, set the eligibility requirements of first-time house buyers, criteria of properties which can be listed on the platform, obligations of platform operators and financing limits.

The two consultation papers are available at the SC website, https://www.sc.com.my/regulation/consultation-papers.

The public are invited to submit their comments and feedback by emailing CPLawReform@seccom.com.my before March 29, 2019. — Bernama

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